The extent of onus on assessee as decided by most of the courts are that:
I) Identity of the creditor
II) Creditworthiness of the creditor
III) Genuineness of the transaction occurred with the creditor.
To prove the identity the name; address & PAN Number of the creditors is sufficient. If the creditor is a director, partner them identity is definitely proved strongly.
To Prove the creditworthiness of the creditor bank statement & ITR's whether assessed to tax or not, are required.
To prove the genuineness of the transaction, it is a sufficient proof that it should have to occurred through an account payee cheque; for this file the bank statement of the assessee. If it is not occured through account payee cheque then prove genuineness otherwise.
I) Identity of the creditor
II) Creditworthiness of the creditor
III) Genuineness of the transaction occurred with the creditor.
To prove the identity the name; address & PAN Number of the creditors is sufficient. If the creditor is a director, partner them identity is definitely proved strongly.
To Prove the creditworthiness of the creditor bank statement & ITR's whether assessed to tax or not, are required.
To prove the genuineness of the transaction, it is a sufficient proof that it should have to occurred through an account payee cheque; for this file the bank statement of the assessee. If it is not occured through account payee cheque then prove genuineness otherwise.